News Middle East05 Jul 2020

Algeria:State owned reinsurer shows flat profit growth in 2019

05 Jul 2020

Central Reinsurance Company (CCR), which is government owned, has posted a net profit of DZD3.1bn ($24m) for the financial year ended December 2019.

The profit growth in 2019 was flat, given that the company's 2018 net profit stood at DZD3.09bn, reported Algeria Press Service.

CCR achieved in 2019 a turnover of DZD35.7bn, up by 11.6% compared to 2018.

The company is engaged in various branches of reinsurance to domestic national and international clients. The CCR also provides cover for natural disasters, under the guarantee of the State, by reinsuring insurance companies in the Algerian market.

 

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